RenovoRx (NASDAQ:RNXT) Stock Price Down 20.5% – Should You Sell?

RenovoRx, Inc. (NASDAQ:RNXT) fell 20.5% during mid-day trading on Friday . The company traded as low as $1.09 and last traded at $1.16. 1,452,193 shares changed hands during trading, an increase of 778% from the average session volume of 165,456 shares. The stock had previously closed at $1.46.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets raised their target price on shares of RenovoRx from $8.25 to $9.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th.

RenovoRx Trading Down 20.5 %

The stock’s 50 day moving average is $1.34 and its two-hundred day moving average is $1.17. The stock has a market capitalization of $27.84 million, a price-to-earnings ratio of -2.04 and a beta of 1.10.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in RenovoRx stock. Geode Capital Management LLC raised its position in RenovoRx, Inc. (NASDAQ:RNXT) by 61.9% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 232,937 shares of the company’s stock after acquiring an additional 89,018 shares during the period. Geode Capital Management LLC owned about 0.97% of RenovoRx worth $247,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 3.10% of the company’s stock.

About RenovoRx

RenovoRx, Inc, a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer.